CNBC Business News Update - Market Open: Stocks Fall, Bond Sell-Off Deepens, Apple Has New CEO • 9/1/26

Episode Date: September 1, 2026

CNBC Business News Update with Jessica Ettinger - Markets & Business News With Expert Analysis From Top Business Names. Visit CNBC.com For More. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

CNBC Business News Update Market opened Tuesday. Wall Street and the Red to start this new month of September, which is typically one of the worst months for stocks, especially in midterm election years. The Dow, down 265 points this morning. Invidia shares leading it lower, they're down 2%. The S&P 500 index down 48 points. That's a half a percent.

The NASDAQ falling 312 out of the gate down more than 1%. The bond sell-off continues today. Yields are soaring to multi-decade highs as Middle East turmoil reignites inflation fears. The 10-year treasuries at its highest since January of 2025, 4.78%. We can't predict which of all these factors, the growth, inflation, the uncertainty around two wars, the elections coming up. You know, how that's going to play out for the long end of the bond market. And so we would probably stay away for that. That's UBS's Mark.

on CNBC. Fed Governor Michael Barr saying today he will support an interest rate increase by the Federal Reserve if inflation doesn't ease. Two more tankers were hit with strikes in the Strait of Hormuz. Oil is spiking. President Trump today posted that he vows to hit Iran hard. U.S. crude above $88 a barrel. The global benchmark Brent crude is back above $92 a barrel. Prices at the pump for American drivers today, starting September with the national average at 410 a gallon for regular. That's according to AAA. President Trump meeting with oil refiners in Washington as the White House pushes to lower gas prices ahead of the midterm election, which is just nine weeks from today. Apple with a new CEO today. We should see him next week at the September 9th launch event,

showing off what's expected to be new iPhones and watches. Here's CNBC's Steve Sedgwick. is entering a new era welcoming John Turnus as its new CEO, replacing Tim Cook. The change at the helm of the company comes after 15 years. Cook, who is expected to remain at Apple as an executive chair during his tenure. The stock

was up, pretty bad performer really. It was only up 2,000 percent plus. Wow, amazing. Amazing work. Jack Daniels' parent, Brown Foreman, will report quarterly results. Tuesday, it's become a lightning rod in the U.S. trade war with Canada.

CNBC asked Nova Scotia's premiere about whether Canadian retailers will ever put American alcohol brands back on their shelves. There will probably be a time when that is returned. But I don't know that people will rush to buy it because of, you know, these are the types of longstanding, long-term implications that are happening right now. And there'll be a long time to unwind. And CNBC's Brandon Gomez reports that the U.S. Canada trade war seems to boil down to booze. And for Brown Foreman, it could be a long road. back. Whiskey just keeps getting dragged into this trade battle with Canada. The Distilled Spirits Council says U.S. Spirits exports to Canada actually fell more than 70% year over year

from March through December of last year. A Brown foreman has already felt that pan. What needs to happen to turn the tides? I spoke with Michael Belello, CEO of the American Whiskey Association. He says three things. First, the U.S. needs to regain market access through negotiation. Okay, then provinces need to align because removing tariffs doesn't help if provincial wholesalers refuse to order American products. And finally, brands need to reconnect with Canadians who have been boycotting American labels. Shares of Brown-Forman were actually ticking into the green this morning up a quarter percent. You can get more on the day in business and on all these stories at CNBC.com. I'm Jessica Eddinger, CNBC.